Our SOTP target is Rs 581 (5.0x Dec 19E EV/e for standalone refining, 8x EV/e for marketing, 9x for pipeline and Rs 214/sh from invest.). Maintain BUY. BPCLs 3QFY18 EBITDA came in at Rs 31.88bn, down 3.9% YoY and 9.6% QoQ. This has been attributed to higher operating expenses at Rs 36.18bn (+15% YoY, +10% QoQ) and lower blended marketing margins at USD7.4/bbl (Rs 3/lit), down 11.3% YoY and 19.5% QoQ. Kochi refinery was under stabilisation in 3Q which has resulted in higher opex. APAT was Rs 21.44bn, down 5.6% YoY owing to higher depreciation (+40% YoY) and interest cost (+48.5%).